By Reshmi Basu
New York, July 29 - Beijing-based Xinao Gas Holdings Ltd. priced an upsized $200 million offering of seven-year senior unsecured notes (Ba1/BB+) at par to yield 7 3/8%, according to a market source.
The deal, increased from $150 million, came at the tight end of price guidance. Guidance had been set at 7 3/8% to 7½%.
Deutsche Bank was the bookrunner for the Regulation S transaction.
Proceeds will be used to fund new acquisitions and for working capital.
Xinao is a piped gas distributor. Through its subsidiaries it invests in, operates and manages gas pipeline infrastructure as well as sells and distributes piped and bottled gas in China.
| Issuer: | Xinao Gas Holdings Ltd.
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| Amount: | $200 million
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| Issue: | Senior unsecured notes
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| Maturity: | Aug. 5, 2012
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| Coupon: | 7 3/8%
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| Issue price: | Par
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| Yield: | 7 3/8%
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| Spread: | 331.70 basis points more than Treasuries
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| Call option: | Make-whole call at 50 basis points
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| Pricing date: | July 29
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| Settlement date: | Aug. 5
|
| Bookrunner: | Deutsche Bank
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| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Price guidance: | 7 3/8% to 7½%
|
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